October 2014
Intermediate to advanced
584 pages
22h 2m
English
Content preview from Pricing in General Insurance
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284 Pricing in General Insurance
decreasing the risk premium) and replace it with a xed amount (the reinsurance
premium), much in the same way that insurance works.
We can therefore write the total premium as the following:
Total premium = risk premium (a + b) + reinsurance premium − expected recoveries
which can be written in two different ways:
Method 1 Total premium = gross risk cost + net cost of reinsurance
where
Net cost of reinsurance = reinsurance premium − expected recoveries
Method 2 Total premium = net risk cost + gross cost of reinsurance
where
Net risk cost = gross risk cost − expected recoveries
and
Gross cost of reinsurance = reinsurance ...
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